The Spanish boss opted against remaining on Tyneside, instead deciding to move to Dalian Yifang in China and now Sheffield Wednesday chief Steve Bruce is Mike Ashley’s top choice to replace the ex-Liverpool boss.

According to Sky Sports News presenter Keith Downie, whoever takes charge of the Toon will be handed an impressive war chest to improve on last season’s 17th place finish – a pot boosted by the sale of Perez.

“All potential signings are on hold until the new manager is appointed, but what I have been told by the club is that all the money from the Ayoze Perez sale will go towards his budget,” Downie said on Sky Sports.

Ayoze Perez of Newcastle United (17) celebrates after scoring his second goal during the Premier League match between Newcastle United and Southampton FC. (Image: Photo by Serena Taylor/Newcastle United)

“I’ve been told that they already had a pot of £60m, so that adds up to £90m.

“That’s before you consider other potential sales, as well. Isaac Hayden still wants to leave and there’s real talk of interest from Manchester United in Sean Longstaff.

Read More

“So the pot could add up to well over £100m, but whether or not it all goes to the new manager, and whether or not they have left enough time to spend it before the transfer deadline passes, remains to be seen.

“We have been here before, where money is promised and then not spent.

Read More

“The message from Newcastle, though, is that they could still have a busy transfer window once the new manager is appointed.

“The scouting team and Steve Nixon, the head of recruitment, have been working away in the background and my feeling is there are probably a couple of deals already lined up from when Rafa was still in charge.“

Perez was a firm fan favourite at Newcastle having scored 48 goals for the Magpies after arriving for just £1.6m from Tenerife in 2014.